Cryptocurrencies can change rural area economies. At first, it might seem just a digital currency to you, but cryptocurrencies are more than a currency alternative. Transactions using cryptocurrencies can help a community in many ways, especially for those who don’t have smooth access to banking facilities.
Companies like Anika Digital Holdings are setting an iconic example of helping rural communities through their crypto-mining farms. Their cryptocurrency mining uses renewable energy to help underdeveloped communities. You might experience reduced transaction costs, stable currency, and less corruption.
Let’s find out more about Cryptocurrency and Mining. Then we will discuss the opportunities rural communities can obtain with cryptocurrency.
What is Cryptocurrency?
In simple words, cryptocurrencies are a type of digital currency using which you can make online payments. An encryption algorithm has been used to generate these kinds of currencies. That means no third party has to look after the cryptocurrency accounting system.
You might hear about Bitcoin or Ether. These are the most popular cryptocurrencies these days, but there are more. Newer forms of cryptocurrencies are also coming in the future.
Cryptocurrencies have their own most secure virtual account system that is almost impossible to manipulate. A cryptocurrency wallet is needed to hold cryptocurrencies. A wallet is a tool where you can keep your encryption keys. These keys are like passcodes that confirm your identity and link you to your cryptocurrency.
Just like digital money or other forms of online payment, you can transfer your cryptocurrencies to someone else. The only difference is there will be no bank present in between to regulate the transactions.
What is Cryptocurrency Mining?
You can buy cryptocurrencies using your credit card. However, there is a process where you can actually generate cryptocurrencies. It’s called Mining.
However, Mining is not only meant for creating new coins. It’s a process to make the blockchain network more secure. We can say blockchains are massive decentralized computer networks that keep the cryptocurrency network safe. These networks can be from anywhere in the world.
Through Mining, the crypto miners validate transitions and add an extra layer of protection to the blockchain network. In fact, the miners receive the coins in exchange for the effort to keep the blockchain networks safe.
How Cryptocurrency Helps The Rural Communities Grow
Now we know what cryptocurrencies are and how the miners acquire them. These virtual coins are not just a reward for the miners; they also create tons of potential for underdeveloped and rural communities.
Here are the major benefits of cryptocurrencies for rural areas and general people –
Improved Transactional Opportunities
Many people in rural areas cannot access banking infrastructure or credit. But the surge of cryptocurrency might pull them out of this disadvantage. Cryptocurrencies can reduce the need to pay higher remittance and transaction fees. Plus, it can unlock swift access to financial institutions.
Traditional cash is unstable and might lead to inflation in extreme cases. After Russia’s war against Ukraine was declared, many countries have already been facing this issue. Inflation can leave people with little faith in their currency.
In such cases, cryptocurrencies such as bitcoin can be the easy solution for a bigger problem. It can be an alternative choice for people to protect their money against inflation.
Detecting Massive Corruptions
Cryptocurrencies are not always beneficial to keep identities anonymous. If you’re transferring a small amount, it might be easy to hide your identity. But for larger amounts, it’s far easier to detect the identities. With the right kind of investigation, corruption can be easily prevented if cryptocurrencies are used. Traditional banking policies make this kind of detection harder.
Elevated Community Growth
Anika Digital Holdings helps businesses in rural communities that lack economic support. Our company shares 1% of net revenue with the communities where our facilities are located. We work with locals only and aim to work for their betterment. Our procedures are legal and work in favor of the local municipalities and the general public.
Is crypto creating a climate problem?
Bitcoin is the world’s most well-known cryptocurrency, with a market value of $1.3 trillion. But cryptocurrency mining is also bad news for our planet. About half of the electricity consumed worldwide is used to mine bitcoin. With this much energy, Google could power its operation globally seven times.
This shows how bigger problem cryptocurrency mining can cause us. Even a single bitcoin leaves an unthinkable amount of carbon footprint on this world. 330,000 credit card transactions are needed to create a high carbon footprint.
We decided to go green to avoid a climate catastrophe while accessing all the great opportunities Bitcoin can produce for us. Keep reading to learn more about our procedures to enhance rural communities and existing renewable energy sources.
Keeping The Earth Protected While Mining Bitcoins
We use renewable energy to power all our bitcoin mining facilities. We repurpose existing renewable energy sources to help them survive and contribute to the community by creating work opportunities.
We search for decommissioned or existing renewable energy sources and remonetize their facilities. Our goal is to create a better world for the upcoming generation through our mining establishments in rural areas.
Anika Digital Holdings also helps businesses with a purpose and which shares a like-minded mindset. We support them by offering tax programs and financial and education aid. We’re trying our best to enhance the growth of renewable energy industries, which can eventually help us protect mother earth from the harmful effects of energy generation.
Changing the Future with Cryptocurrency
Adopting and implementing the newest cryptocurrency technologies will take a lot of work. However, day by day, we’re getting one step closer to our goals. Solving various challenges that come with cryptocurrency can lead us to a brighter future.
If we generate and utilize crypto and blockchain technologies correctly, we can turn this into a powerful tool for people living in rural areas who are deprived of many financial opportunities.
We’re trying to build a healthy community while solving various financial issues people face in their everyday life in rural communities.
Get in contact and find out more.